George Bush.<quoted text>
Who directed Fannie/Freddie to purchase sub prime loans?
Let's see who can back up their claims?
June 17, 2002
MCLEAN, Va., In a speech earlier today, President Bush called on the nation's housing industry to invest more than $1 trillion expanding homeownership opportunities for America's minorities.
Today, Freddie Mac is undertaking a range of initiatives aimed at helping minority families overcome a variety of barriers to homeownership through a combination of aggressive outreach programs, borrower education efforts and innovative affordable mortgage products.
"President Bush boldly called on the housing industry to increase minority homeownership in America. We fully support this national priority, and Freddie Mac will play a major part in achieving it," said Leland C. Brendsel, Freddie Mac's chairman and CEO.
"Freddie Mac already has opened doors to more than 30 million homes, helping to propel the nation's homeownership rates to record levels, with more families of all racial and ethnic backgrounds owning homes than ever before," Brendsel said. "Freddie Mac is the national leader at bringing simplicity, innovation, and accessibility to the mortgage lending process. We are up to the challenge to accelerate growth in minority homeownership."
December 16, 2003
Applauding Congress for authorizing the annual $200 million downpayment assistance program, Bush and Housing and Urban Development Acting Secretary Alphonso Jackson said the initiative will also help meet the Administration's "Homeownership Challenge" to increase minority homeownership by 5.5 million families by the end of the decade.
"Today we are taking action to bring many thousands of Americans closer to the great goal of owning a home," said President Bush. "These funds will help American families achieve their goals, strengthen our communities, and our entire nation."
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
The FHA isn't a direct lender, but guarantees loan payments for mortgages on moderately priced owner-occupied property. The FHA guarantee now permits private lenders to finance as much as 97% of the purchase price of a home for millions of low- and middle-income borrowers.